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Bank Leumi Paying $130M To Settle NY Tax-Evasion Probe

Bank Leumi, the Israeli financial giant that caters to rich clients, agreed Monday to pay New York authorities $130 million and oust senior employees to settle an investigation that showed it had actively assisted wealthy Americans in evading taxes.

  • UK To Criminalize Rate-Rigging After Libor, Forex Scandals

    The U.K. on Monday pushed forward with efforts to criminalize manipulation of additional key benchmark rates while bringing the regulation of such rates under the auspices of the country’s Financial Conduct Authority.

  • Alstom Pays $772M In Record FCPA Settlement

    French conglomerate Alstom SA has agreed to plead guilty and pay $772 million to settle charges it bribed government officials in Indonesia and elsewhere to win business, marking the largest-ever penalty in a Foreign Corrupt Practices Act case, U.S. officials said Monday.

  • Ocwen Chairman Forced Out In $150M NY Servicing Settlement

    Ocwen Financial Corp. Executive Chairman William C. Erbey on Monday stepped down from his position atop the nation’s fourth-largest mortgage servicer due to allegations of “serious conflicts of interest” turned up by New York financial regulators as part of a broader $150 million settlement with the state.

  • Judge Slaps Down HP's 3rd Try At Autonomy Settlement

    A California federal judge on Friday rejected Hewlett Packard Co. shareholders’ third attempt at a settlement in their derivative suit over HP's disastrous $11.1 billion Autonomy Corp. acquisition, ruling the deal’s potential release of claims was still far too broad. 

  • Wells Fargo Owes $55M In Mortgage Late Fee Suit, Jury Says

    A New York federal jury on Friday decided Wells Fargo & Co. owes $54.8 million in a class action accusing mortgage companies previously owned by Wells Fargo’s Wachovia Corp. of slapping borrowers with unlawful fees, defendants’ counsel confirmed, although plaintiffs had sought roughly $629 million.